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Two of the most recognised vehicle manufacturers in the world, BMW and Toyota, have announced a plan to increase their long-term technical collaboration efforts.

Motorists will be particularly intrigued to hear that one of the main developments to come out of the latest partnership between the two parties is an aim for the pair of car makers to create a jointly-developed sports car.

In fact, representatives from BMW and Toyota are to spend 2013 investigating the potential of establishing a joint platform for a mid-sized sports vehicle.

Pencilled in to conclude by the end of this year, the research will look to combine the two firms’ technology and areas of knowledge in the vehicle manufacturing industry in an effective manner.

Speculation is mounting that the end result could be a blend between the popular Toyota GT86 and Subaru BRZ sport vehicles, though aimed towards the upmarket audience.

Another interesting point from the collaboration is the fact that BMW Group and Toyota Motor Corporation (TMC) have now signed a binding agreement which assures that both parties will commence collaborative research on the development of lithium-air vehicle batteries.

Norbert Reithofer, chairman of the board of management of BMW AG, was keen to note: “This collaboration is an important building block in keeping both companies on a successful course in the future.”

Akio Toyoda, president of TMC, echoed Mr Reithofer’s excitement for the partnership. He stated: “While placing importance on what we learn from the joint development, we will work hard together in reaching our common goal of making ever-better cars.”